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TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS FOR THE 12 MONTHS AND FOURTH QUARTER ENDED DEC. 31, 1992

 CALGARY, Alberta, Feb. 4 /PRNewswire/ -- Total Canada Oil & Gas Ltd. announced results for the 12 months and fourth quarter ended Dec. 31, 1992.
 Revenue net of royalties for the year ended Dec. 31, 1992, was $81.6 million compared to $79.5 million reported in 1991. The increase in net revenue was due to higher production of oil particularly during the last quarter of 1992.
 For the 12 months ended Dec. 31, 1992, funds generated from operations was $49.2 million or $1.40 per share, a 15 percent increase from the $42.8 million or $1.21 per share reported for the same period of 1991. In addition to increased oil production, lower operating costs and marginally higher oil and natural gas prices contributed to the improvement over 1991 results.
 Net income increased to $9.8 million or $0.28 per share compared to $6.8 million or $0.19 per share for the year ended Dec. 31, 1991.
 Revenue after royalties for the fourth quarter ended Dec. 31, 1992, was $23.9 million, an increase of 17 percent over the $20.5 million reported for the fourth quarter of 1991. Funds generated from operations was $14.4 million or $0.41 per share, up from $9.6 million or $0.27 per share reported for the three months ended Dec. 31, 1991.
 Net income for the fourth quarter of 1992 was $3.7 million or $0.11 per share, up from the $1.1 million or $0.03 per share recorded during the same quarter of 1991.
 Crude oil and condensate production averaged 6,951 barrels per day during 1992 compared to 6,481 barrels per day in 1991. Daily production for the fourth quarter ended Dec. 31, 1992, increased to 7,458 barrels per day, up 936 barrels per day from 6,522 barrels per day in 1991. The average price received for crude oil and condensate for 1992 was $21.54 compared to $21.45 in 1991. Fourth quarter 1992 prices averaged $22.67 compared to $21.33 in the same period of 1991.
 Production of natural gas liquids averaged 2,205 barrels per day during 1992 compared to 1,915 barrels per day in 1991. Fourth quarter production was 2,538 barrels per day in 1992 compared to 2,725 barrels per day in 1991. The average price received for 1992 was $7.59 per barrel down from $9.50 per barrel in 1991. Fourth quarter prices averaged $8.88 per barrel vs. $7.89 a year earlier.
 Sales of natural gas during 1992 were 65.1 million cubic feet per day, approximately the same as in 1991. Fourth quarter production in 1992 reached 71.7 million cubic feet per day, up from the 62.9 million cubic feet per day reported in 1991. The average price received during 1992 was $1.46 per thousand cubic feet compared to $1.45 per thousand cubic feet in 1991. Fourth quarter prices were $1.60 and $1.39 per thousand cubic feet respectively for 1992 and 1991.
 Capital expenditures before dispositions were $32.9 million for the year ended Dec. 31, 1992 compared to $34.9 million in 1991. Capital expenditures in the fourth quarter ended Dec. 31 were $8.6 million in 1992 up from $7.9 million in 1991. In addition, Total Canada acquired TOTAL Energold Corp. for $10.4 million during the fourth quarter of 1992.
 Commenting on the fourth quarter results, Don West, president and chief executive officer, said:
 "Our efforts to increase exploration and development activity, which began in early 1992, are beginning to show results and are reflected in increased fourth quarter production from Manor, Bonanza, Benson and Glacier. The stepped-up drilling program in the last quarter will carry over into the first quarter of 1993 and continue throughout the year."
 TOTAL CANADA OIL & GAS LTD.
 Financial Highlights
 (Millions except per share data)
 12 Months Ended Dec. 31,
 1992 1991
 Revenue net of royalties $81.6 $79.5
 Funds generated from operations $49.2 $42.8
 -- Per share $1.40 $1.21
 Net income $9.8 $6.8
 -- Per share $0.28 $0.19
 Three Months Ended Dec. 31,
 1992 1991
 Revenue net of royalties $23.9 $20.5
 Funds generated from operations $14.4 $9.6
 -- Per share $0.41 $0.27
 Net income $3.7 $1.1
 -- Per share $0.11 $0.03
 -0- 2/4/93
 /CONTACT: Richard C. Mitchell, Total Canada Oil & Gas, 403-267-3000/


CO: Total Canada Oil & Gas Ltd. ST: Alberta IN: OIL SU: ERN

KJ -- LA028 -- 3051 02/04/93 13:57 EST
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Date:Feb 4, 1993
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